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davicon9
Returning Member

How to complete the "buy build or improve amt for the home mortgage interest worksheet?

I have mortgage interest to claim from a HELOC.  Turbotax is asking me how much my "buy build or improve amount" was.  I can perhaps estimate that figure, but the money spent from the HELOC was over ten years ago and the draw period for the HELOC ended many years ago.

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1 Reply
KrisD
Intuit Alumni

How to complete the "buy build or improve amt for the home mortgage interest worksheet?

This was a change from the Tax Cuts and Jobs Act. 

This information is needed now to calculate the amount of Home Mortgage Interest you can claim. 

If you end up taking the Standard Deduction, the interest won't be used for the Federal return. 

However, even in that situation, it may be useful on the state return. 

Make the most educated estimate. Usually if the loan was significantly larger, you would have receipts for home improvements that were made with those funds. If unsure, err on the side of caution. 

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